SIA Group pax revenue down in H1FY2017 as RPKs contract and yield pressure persists

Singapore Airlines Group (SIA Group) reported (03-Nov-2016) passenger revenue decreased 6.4% year-on-year in H1FY2016/17 as RPKs contracted and downward pressure on yields persisted. The revenue decrease was partly compensated by higher passenger revenue from Scoot, supported by the airline's rapid growth. Cargo and mail revenue decreased 9.6%, despite higher volumes, as yield was further eroded. Net fuel costs decreased 25.2% due to a 21% drop in fuel prices, a lower hedging loss and weakening of the US dollar against the Singapore dollar, partially offset by higher fuel uplift. Non-fuel costs increased 5.9%, partly attributable to capacity expansion by Scoot and SilkAir. [more - original PR]